Current tax rules allow you to take up to 25% of the value of your Retirement Account as tax-free cash on the date you retire, subject to an upper limit of 25% of your lifetime allowance.
Before 6 April 2006
The current rules were introduced on 6 April 2006. There is a rule within the Plan to ensure that if the tax-free cash you were entitled to immediately before 6 April 2006 was higher, then you may take that if you prefer.
Please note that if you transfer your benefits from Telefónica to another pension arrangement, you cannot take the entitlement to the pre-6 April 2006 tax-free cash with you; your tax-free cash will be based purely on the 25% rule.